Graham Packaging Co. Inc., York, Pa., has announced that it has received a proposal for its acquisition by Auckland, New Zealand-based Reynolds Group Holdings Ltd. at a price of $25 per share in cash.
Graham Packaging’s board of directors, upon the recommendation of its special committee, has concluded that the offer tops a pending transaction made with Silgan Holdings Inc.
In April 2011, Silgan, based in Stamford, Conn., had offered the company a cash-and-stock deal that was worth $19.56
Graham Packaging provided notice to Silgan June 13, 2011, of the board of directors' decision and its intent to change its recommendation with respect to the pending transaction with Silgan, terminate the merger agreement with Silgan and enter into a binding written definitive agreement with Reynolds after the expiration of a three business day notice period ending on June 16, 2011.
Graham Packaging operates 97 manufacturing facilities in 15 countries.